Court of Appeals for the D.C. Circuit November 1, 1988, No. 87-1671 (Carolina Power & Light Co. v. Federal Energy Regulatory Commission)

Opinion for the Court filed by Circuit Judge SILBERMAN.

SILBERMAN, Circuit Judge:

This case requires us to determine whether the Federal Energy Regulatory Commission (“FERC” or “Commission”) allowed petitioner Carolina Power & Light Company (“CP & L”) to reflect accurately its federal corporate income tax liability in wholesale electric ratemaking proceedings before the Commission.